Will you be paying and reporting your staff’s super contributions correctly from 1 July 2015?
Do you need SMSF accountants for your payroll/super software’s SuperStream readiness? Employers must use SuperStream to send contribution data and make payments electronically (using e-commerce standards) for all their staff. The ATO can impose administrative penalties for those failing to comply with the new SuperStream standard.
All superannuation funds (including self-managed super funds) must only accept contributions electronically, per the SuperStream standard. The following three key e-commerce details must be provided to employers:
- your super fund’s Australian Business Number (ABN)
- your super fund’s bank account for receipt of contribution payments (BSB and account number)
- an electronic service address for receipt of a contribution data message
If the above information is not provided to the employer, employers will be forced to remit the super guarantee contribution (9.5% for the 2015 income year) into the employer’s default fund.
Should you have any questions or want to know more about SuperStream, please do not hesitate to contact us.
*Correct as of June 2015
Disclaimer – Kreston Stanley Williamson has produced this article to serve its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas in this article, you must seek advice about your circumstances. Liability is limited by a scheme approved under professional standards legislation.
